Staff Reporter

All is now set for mining operations to commence this month at Buchwa Iron Mining Company (BIMCO) after Kuvimba Mining House (KMH) secured a US$30 million loan facility from the CBZ Bank for the resuscitation of the Zimbabwe Iron and Steel Company (ZISCO.

A source who spoke to this publication said that the US$30 million facility was ready to be tapped into with limestone mining set to start immediately at BIMCO.

At Ripple Creek Mine, KMH was set to immediately capacitate the processing and selling of uncontested iron ore fines stockpiles followed by refurbishing the mine with actual mining operations set to start within three months.

“From May to July 2023, a total of US$4 million will also be injected into two ZISCO’s strategic entities that are Lancashire Steel and ZIMCHEM. Of the US$4 million, US$2 million will go towards full resumption of wire products manufacturing at Lancashire Steel whilst the other US$2 million will be used to refurbish coke ovens so as to support ZIMCHEM,” said the source.

According to the source, the capital expenditure on the steel plant would only be clear after a technical appraisal which has been shortlisted to be done by SMS Group of Germany.

The source explained that, the project was supposed to have commenced in April last year but was delayed due to other factors.

 “The project was supposed to commence last year but there were a host of conditions that had to be fulfilled before the actual work could commence. This delayed the work but now everything is in place for the project to start running,” the source added.

In line with the Second Republic’s quest to attain a US$ 12 billion mining economy this year, Kuvimba is playing its part by resuscitating most of the mines it has taken over through huge capital outlays and acquisition of new, modern equipment. Kuvimba is 65 percent owned by the Government and a consortium of private investors holds the other 35 percent equity.